“In compliance with regulations relating to SOFAZ and its investment strategy, the Fund`s assets are placed abroad. SOFAZ may also have counterparties in domestic financial markets and it can place up to 5 % of capital (according to paragraph #2.1.3 of the rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan) in investment portfolio of those institutions,” says statement.
It was noted that SOFAZ is not planning to place deposits in other local banks.
SOFAZ not to place deposits in other local banks
08 October 2016
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The State Oil Fund of Azerbaijan (SOFAZ) has placed a deposit of $1 billion in the International Bank of Azerbaijan (IBA) for a term of one year with interest rate 4 %, SOFAZ told.
